87.7 F
Charlotte Amalie
Sunday, June 23, 2024
HomeNewsLocal newsAliyah Boston Company Asks for EDC Benefits

Aliyah Boston Company Asks for EDC Benefits

WNBA star Aliyah Boston and her parents launched a sports management company last year and have asked the EDC for tax benefits. (Screenshot of Zoom meeting)

A company formed by Aliyah Boston and family asked the Virgin Islands Economic Development Commission for tax incentives Tuesday, saying their sports management company would do more than bring in off-island money but also teach financial literacy and life skills to youth in the territory.

WNBA star Boston and her mother, Cleone Boston, introduced their company, Parach Resource Management, LLC, which would both manage Boston’s merchandising and other financial matters and engage up-and-coming athletes on and off island who may reach the professional level.

The Bostons’ presentation to the EDC was heavily weighted toward their religious and child-rearing convictions and only briefly touched on Parach Resource Management’s financial plans. Parach, they said, was a Hebrew word meaning to blossom or break forth and flourish. The Bostons hoped centering their company around the word would signal a mission to help young people gain financial literacy, engage with their community, and balance scholastic and sports achievements.

Boston, a power forward for the Indiana Fever, spoke briefly before leaving the video conference for a team shoot-around ahead of a game Tuesday night against the Los Angeles Sparks.

“Being able to give back is something that’s always been important to me,” Boston said. “I want to be able to help every single child because that’s where I came from, this is where I came from.”

Helping young athletes figure out the life skills needed to navigate the world of professional sports and money management will help empower Virgin Islanders, she said. Building sports summer camps for Virgin Islanders has long been a dream, said the 22-year-old.

“Compared to boys, young girls quit sports at an early age because they don’t think they can make it. And for me to be one of the women that kids can look up to, is a blessing. I just want to be able to continue to give back to my community,” Boston said. “There’s so much talent here. They just need the resources. They just need the opportunity. I just feel like for our life story, our journey, there have been so many people that have opened the door.”

Boston’s father, Algernon Boston, launched Parach Resource Management in September 2023 to provide management and consulting and development services to professional athletes, including strategic planning, marketing, and community outreach, according to the Licensing and Consumer Affairs Department. It will also be the headquarters for client merchandise development and distribution, branding, and management of endorsements and sponsorships.

The company sought EDC tax benefits as a small business sourcing money from outside the territory. Rule changes allowing non-professional athletes to charge for use of their name, image, or likeness means every college sports player could benefit from management, said Cleone Boston.

“We are working to put a system in place that would prevent a lot of pitfalls that athletes have,” she said. “These athletes need to be surrounded by a team that includes their family, that includes a back office, that includes legal contract review. Aliyah hasn’t signed a contract to her name unless it’s been reviewed by legal counsel that we provide.”

Another company hoping to receive EDC benefits presenting Tuesday was Shah Holdings, whose owners, Sunil and Mita Shah, moved from Minneapolis to St. Thomas in February. The Shahs company manages SAM Nutrition, which specializes in animal feed, animal health, organic fertilizer, food and nutrition industries, as well as the logistical and technological innovations that help minimize waste, they said.

In 2023, Inc. Magazine named SAM Nutrition as one of the 5,000 fastest growing private companies in the United States. The Shahs plan to move their company headquarters from Minnesota to the Virgin Islands and, if all goes well, potentially expand to growing food for animals and people in the territory.

The Shahs said the USVI climate, cultural blends, and flora and fauna reminded them of their former home in Mumbai, India.

Later in the meeting, the Enterprise Zone Commission granted tax benefits to Frederiksted’s Idachris Enterprises LLC to assist with hurricane repairs. Benefits for repairs were granted for Claire Roker in Frederiksted and Lillian Garfield on Palm Straede off Garden Street on St. Thomas.

 

Print Friendly, PDF & Email
Keeping our community informed is our top priority.
If you have a news tip to share, please call or text us at 340-228-8784.

Support local + independent journalism in the U.S. Virgin Islands

Unlike many news organizations, we haven't put up a paywall – we want to keep our journalism as accessible as we can. Our independent journalism costs time, money and hard work to keep you informed, but we do it because we believe that it matters. We know that informed communities are empowered ones. If you appreciate our reporting and want to help make our future more secure, please consider donating.

UPCOMING EVENTS

UPCOMING EVENTS